Payment calculator

Two amortization problems in one tool: solve for the payment given a term, or solve for the payoff time given a payment — with total interest for each.

How to Payment calculator

1. Step 1. Enter the loan or balance amount and the annual interest rate.
2. Step 2. Choose fixed term (solve payment) or fixed payment (solve payoff time).
3. Step 3. Read the payment amount or the payoff duration and total interest.

Frequently asked questions

What happens if my payment only covers interest?

The balance never amortizes. The calculator shows the minimum viable payment (balance × monthly rate) below which payoff is impossible.

Which is better: shorter term or extra payments?

Mathematically equivalent — both raise the effective payment. Shorter terms often carry lower rates, so compare total interest either way.

Does this work for credit cards?

Yes — use fixed payment mode to see how long a balance takes to clear at your current payment, and how much interest that costs.